Andrey Sizov
14.10.2024
On Friday, grain futures declined. The December SRW wheat contract closed at $5.99/bu ($220/mt), down 0.8% from Thursday. The December HRW wheat contract in Kansas fell to $6.04/bu ($222/mt), down 1.1%. The December Euronext wheat contract closed at €229.00/mt ($254/mt), down 1.0%. The December U.S. corn contract dropped to $4.16/bu ($164/mt), down 0.7%.
On October 11, the USDA released its latest WASDE report. U.S. wheat ending stocks were estimated at 22.1 million mt, down 0.4 million mt from September and 0.2 million mt below market expectations. Global wheat stocks were estimated at 257.7 million mt, up 0.5 million mt from September and 1.6 million mt above expectations. U.S. corn ending stocks were estimated at 50.8 million mt, down 1.5 million mt from September but 1.0 million mt higher than market forecasts. Global corn stocks were revised to 306.5 million mt, down 1.9 million mt from September and 0.3 million mt below expectations.
On October 11, the USDA reported that exporters sold 578,000 mt of corn to unknown destinations.
The Russian Ministry of Agriculture urged exporters not to sell wheat for less than $250/mt FOB in international tenders, Reuters reported, citing sources.
Ukrainian grain exports in the 2024/25 season could shrink to 40 million mt from 51 million mt last year, said Deputy Agriculture Minister Taras Vysotskyi. The decrease is expected due to lower harvest volumes and reduced carryover stocks.
As of October 7, only 6% of France’s corn harvest had been completed, compared to 50% a year earlier, according to FranceAgriMer data. Harvesting has slowed significantly this year due to heavy rains.
